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Orange County ABC Board Policy and Procedure Manual <br /> -State of North Carolina 401k Plan <br /> Overview <br /> An employee retirement/savings plan has been established for the benefit of eligible employees. <br /> All regular full-time employees are eligible to participate on a voluntary basis. The State of North <br /> Carolina 401(k) plan, also known as the Supplemental Retirement Plan of North Carolina, is a <br /> supplement retirement plan which meets the requirements of Section 401(k) of the Internal <br /> Revenue Code. The plan is sponsored by the State of North Carolina and governed by the <br /> Department of State Treasurer and the Plan's Board of Trustees. The Department of State <br /> Treasurer and the Board of Trustees have contracted with a third party to be the Plan <br /> Administrator. <br /> Employee Contributions <br /> ➢ Employee contributions are payroll-deducted in a percentage. Pre-tax contribution <br /> maximums, "catch up" maximums and rollovers from other plans are limited by IRS <br /> regulations and sometimes change. Contact the Administrative Manager for up-to-date <br /> contribution limitations. <br /> ➢ After the employee has started the program, changes are initiated through the Plan <br /> Administrator. Requests for payroll deductions must be in writing. Allow up to two weeks for <br /> changes to take effect. Cancellation of deductions may be made at any time with a five-day <br /> notice to the Administrative Manager. <br /> ➢ Account information can be accessed over the Internet and balances can be checked <br /> regularly. <br /> Employer Contributions <br /> ➢ The Board will match employee contributions up to 5% per pay period (26 paydays per <br /> annum) for each eligible employee's 401k account. <br /> ➢ Eligibility: To be eligible the employee must be a regular full-time employee with at least 90 <br /> days of regular full-time service. <br /> ➢ Participation; The employee is required to participate (make contributions) to receive <br /> employer contributions. <br /> ➢ Right of the Board: The Board reserves the right to modify or terminate this benefit as <br /> economic situations dictate; it is anticipated that employees will receive appropriate advance <br /> notice of such modifications. <br /> i <br /> Several investment options are available under the plan, including insured funds and mutual funds. <br /> A participant website is available at www.nc401 k.prudential.com, j <br /> 1 <br /> , <br /> Contact the Administrative Manager if you are interested in participating in the 401 k program. <br /> i <br /> a <br /> I <br /> 5-5 711/2014 <br /> I <br />